Analysts
say though some correction was due after the rally caused by the geopolitical
turbulence, metal prices are likely to remain somewhat elevated through the
current year, amid high volatility.
In India, steel prices are
dependent on the landed cost of imports, while prices for other metals are
mostly linked to LME prices.
Global prices of base metals have fallen 9-17% since April from
highly-elevated levels, providing some comfort to user industries in India,
which have seen sharp spikes in input prices in tandem with the world trend.
However, some metals like copper and aluminium have of late turned volatile
again.
Analysts say though some correction was due after the rally caused
by the geopolitical turbulence, metal prices are likely to remain somewhat
elevated through the current year, amid high volatility.
Between April 11 and May 10, aluminium prices have fallen by 15% on the LME,
copper by 9% and zinc by 17%. The domestic price of hot-rolled coil (HRC) of
steel in China also fell 15%.